{"id":541,"date":"2016-01-08T09:30:26","date_gmt":"2016-01-08T17:30:26","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=541"},"modified":"2016-01-08T09:34:05","modified_gmt":"2016-01-08T17:34:05","slug":"rise-in-metro-vancouver-condo-prices-modest-limited-to-specific-neighbourhoods","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/01\/rise-in-metro-vancouver-condo-prices-modest-limited-to-specific-neighbourhoods\/","title":{"rendered":"Rise in Metro Vancouver Condo Prices Modest, Limited to Specific Neighbourhoods"},"content":{"rendered":"<p style=\"text-align: justify;\">METRO VANCOUVER &#8212; Soaring sales in Metro Vancouver\u2019s single-family home market are also driving higher assessments in a few, select pockets of condominiums.<\/p>\n<p style=\"text-align: justify;\">In recent years, condo prices have been described as flat as a board, and while 2016 assessed values released earlier this week for the most part showed much more modest gains compared to the hot numbers in the single-family home market, there were a few outliers.<\/p>\n<p style=\"text-align: justify;\">In Vancouver, condos in the MLS-defined neighbourhood of Coal Harbour, for example, posted an average assessment of $1.45 million, for a 12% increase over the past year. In West Vancouver, condos at Cypress Park Estates also reached $1.45 million, for an 8% gain.<\/p>\n<p style=\"text-align: justify;\">Other neighbourhoods with higher average assessments for condos include Hawthorne in Delta, with a 9% increase to $300,000, as well as Canyon Springs in Coquitlam, with a 10% increase to $260,000.<\/p>\n<p style=\"text-align: justify;\">Compared to single-family homes, there is a far greater supply of new condos and townhouses. They are more affordable for a larger proportion of buyers so, naturally, their prices are not spiking in the same way, says Michael Ferreira, managing principal at Urban Analytics.<\/p>\n<p style=\"text-align: justify;\">Some 95% of all new housing in Metro Vancouver is strata-owned condos or townhouses at a time when affordable single-family homes close to the city seem a dying breed.<\/p>\n<p style=\"text-align: justify;\">Despite this, says Ferreira, \u201cIn certain areas, we\u2019ve seen fairly significant increases in assessed value (for condos).\u201d<\/p>\n<p style=\"text-align: justify;\">What these places all have in common, says Ferreira and others, are new developments catering to single-family home sellers flush with cash from frenzied activity in that market. They want to downsize but remain in their neighbourhoods.<\/p>\n<p style=\"text-align: justify;\">\u201cCashing out of these (homes) is leaving buyers with more money to afford larger, newer condos,\u201d says Ferreira. \u201cIn a lot of (areas), there hasn\u2019t been a lot of (condo) development in a while.\u201d<\/p>\n<p style=\"text-align: justify;\">In North Vancouver\u2019s Roche Point, where average assessments for condos rose 10%, buyers have been after a new development, says realtor Charlie Mackenzie. \u201cOlder stuff has declined in value, but it\u2019s the new condos that have impacted higher prices.\u201d<\/p>\n<p style=\"text-align: justify;\">That location is also very close to Polygon\u2019s new Cates Landing, a set of townhomes and apartment residences along Deep Cove designed for \u201cdownsizers who want to stay local.\u201d<\/p>\n<p style=\"text-align: justify;\">Ferreira goes through the list of other areas where there were higher average assessments for condos: \u201cIn Coal Harbour, it\u2019s unique because there are both local empty nesters as well as international second-home owners.<\/p>\n<p style=\"text-align: justify;\">\u201cThe Cambie Corridor is also driven by empty nesters downsizing out of homes. Mount Pleasant, South East False Creek. Downtown. Then, you have the West End. I was just talking to an appraiser yesterday and I said, \u2018I think we\u2019ve seen our last new condo tower going for under $1,000 a square foot. It has matured. It\u2019s an established neighbourhood. There is a repurposing of old sites into new and fancy condos.\u201d<\/p>\n<p><a href=\"http:\/\/www.vancouversun.com\/business\/rise+metro+vancouver+condo+prices+modest+limited+specific\/11634986\/story.html?__lsa=2915-73b4\" target=\"_blank\">Rise in Metro Vancouver Condo Prices Modest, Limited to Specific Neighbourhoods<\/a> by Joanne Lee-Young | Vancouver Sun<\/p>\n","protected":false},"excerpt":{"rendered":"<p>METRO VANCOUVER &#8212; Soaring sales in Metro Vancouver\u2019s single-family home market are also driving higher assessments in a few, select pockets of condominiums. In recent years, condo prices have been &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/01\/rise-in-metro-vancouver-condo-prices-modest-limited-to-specific-neighbourhoods\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-541","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Rise in Metro Vancouver Condo Prices Modest, Limited to Specific Neighbourhoods &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/01\/rise-in-metro-vancouver-condo-prices-modest-limited-to-specific-neighbourhoods\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Rise in Metro Vancouver Condo Prices Modest, Limited to Specific Neighbourhoods &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"METRO VANCOUVER &#8212; Soaring sales in Metro Vancouver\u2019s single-family home market are also driving higher assessments in a few, select pockets of condominiums. 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